The Annual Report for F.Y. 2024-2025 is enclosed.
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Ashapuri Gold Ornament, a B2B gold jewellery manufacturer listed on BSE SME, filed its FY25 Annual Report. Revenue jumped about 92% YoY to ₹316.30 Cr (₹165.07 Cr in FY24), and PAT grew roughly 57% to ₹12.04 Cr (vs ₹7.67 Cr). EBITDA rose to ₹17.23 Cr from ₹11.66 Cr, though EBITDA margin compressed to 5.43% from 6.98% on a larger base. Capacity utilisation improved sharply to 93% from 40%, and Titan Company was onboarded as a client. However, cash flow from operations turned deeply negative at –₹35.74 Cr (vs +₹4.74 Cr in FY24), signalling working capital strain. The company raised ₹55 Cr via a rights issue in 2024, boosting net worth to ₹146.67 Cr, and debt is virtually zero (D/E 0.00x).
Strong top-line and profit growth on capacity expansion is positive for shareholders, but the sharp swing to negative operating cash flow and thinner EBITDA margins suggest rising inventory and receivables pressure. Investors should watch working capital trends in coming quarters, even as the company plans capacity scale-up to 750–1,000 kg and seeks additional NSE listing.